Jeremy Allaire, the CEO of Circle, a recognized company in the crypto market, talked about Bitcoin (BTC) on August 19 and how the digital currency could be considered a safe haven for many individuals. One of the things he said is that Bitcoin is attractive to people that are interested in controlling their funds. He said that during an interview with CNBC’s Squawk Box.
Jeremy Allaire Considers Bitcoin Is An Attractive Asset
Bitcoin, the oldest and largest cryptocurrency in the market is an attractive asset for many individuals that want to have control over the funds they manage. This is according to Jeremy Allaire, the CEO of Circle. During an interview on Squawk Box, he talked about Bitcoin and the crypto market with Andrew Ross Sorkin and Joe Kernen.
During the interview, he said:
“[Bitcoin] is the digital gold thesis and I think a lot of both institutional accumulators of Bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s like the underlying thesis and I think that has had an impact on it for the last 8 years.”
He has also mentioned that a non-sovereign digital asset like Bitcoin is attractive for those that are interested in controlling capital. Digital currencies have been growing as a way to protest against governments and traditional financial institutions that control the money supply and the funds that users have. Governments and traditional financial companies do not have the possibility to control Bitcoin. Indeed, in the crypto market, users can be “their own bank” if they hold the private keys of their funds.
Moreover, Sorkin asked Allaire whether individuals were moving money out of China after the recent Hong Kong protests. Sorkin has also asked whether the funds were moved to Bitcoin.
Allaire said that this is not something that can be measured and that there was a significant risk-off week for equities. Moreover, he explained that there were many holders that saw their crypto portfolios grow around 100% or 200%m which is also a good place to take some gains.
Back in June, Bitcoin surged to $13,750 after many months below that level. The crypto space was very enthusiastic about what would happen with Bitcoin in the future. However, the digital currency fell to around $9,500 a few weeks later.
At the time of writing this article, Bitcoin is being traded around $10,650 and it has a market capitalization of $190 billion.
Try Out Binance Today
For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.
Binance has set itself apart as the best trading platform for beginners and experienced traders, and gives you hundreds of coins to invest in. Start trading today on Binance!
